TAMPA, Florida —
Franklin Street announced it has successfully brokered the sale of Central Park at East Bay located at 301 Seacrest Drive in Largo, Florida. The deal continues a trend of increasing transaction activity in Central and Southwest Florida following five other value-add multifamily sales executed year-to-date by the same brokerage team. Franklin Street represented both the buyer, Whitestone Capital and seller, ROI Capital, in the transaction.
“Central Park at East Bay is a well located, 1970’s vintage apartment community located in the heart of Pinellas County, making it attractive to investors with a value-add strategy,” Darron Kattan, managing director, Investment Sales, Franklin Street, said. “Whitestone Capital secured attractive new agency financing, and they plan to improve the property and enhance tenant experience while maintaining high occupancy levels.”
Whitestone Capital plans to fully renovate the exterior and interior of the property. Current amenities include a clubhouse, swimming pool, playground, fitness center, dog park, and laundry room. The property is centrally located close to world-class beaches and stable employment centers like the Gateway Business District.
“While many institutional equity sources are shying away from older vintage communities, there is still a vibrant marketplace for these assets, particularly for well-located properties with strong return profiles,” Avery Jordan, regional managing director, said. “Investors with discretionary capital and single-source equity are active and capitalizing on the current environment. We anticipate a favorable outlook in both capital markets and operations for workforce housing will attract more private equity and syndication capital back to the space in the years to come.”
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About Franklin Street
Franklin Street is a fully integrated, national commercial real estate services firm headquartered in Tampa, Florida. We combine thoughtful planning with decisive action to deliver winning results to clients nationwide. Franklin Street’s seven lines of business include Capital Advisory, Insurance, Investment Sales, Property Management, Project Management and Tenant and Landlord Representation. Founded in 2006, Franklin Street has a network of industry-leading brokers and capital partners across the country to ensure exceptional client service. Learn more about Franklin Street.
